It is tax filing season again. Below is a comprehensive list of the most easily overlooked tax deduction I found on the Jackson Hewitt website. This list may be useful as you gather your information together to file your income taxes. The list is obviously not applicable for every situation. Please consult with your tax professional for more information and advise.
1. Students loan interest
2. One half of the self-employment taxes you paid
3 Adjustment of Form 1040 of health insurance premiums for some self-employed taxpayers
4. Penalty on early withdrawal of savings
5. Alimony paid, but not child support
6. Medical transportation including tolls, parking and mileage deduction of 15 cents per mile for visiting doctors, dentists or for picking up medication
7. Nursing home expenses that are primarily for medical care
8. Medical aids such as crutches, canes and orthopedic shoes
9. Hearing aids, eyeglasses and contact lenses
10. Hospital fees for services such as nursing, physical therapy, lab test and x-rays
11. Equipment for disabled or handicapped individuals
12. Part of life-care fee paid to a retirement home designated for medical care
13. The cost of certain smoking cessation programs and treatment for alcohol and drug ab abuse
14. Special school costs for mentally or physically handicapped individuals
15. wages for nursing services
16. State income taxes owed from a prior year and paid in the current tax year
17. Payment by December 31 of last quarter estimated state taxes
18. Personal property taxes on cars, boats, etc.
19. Taxes paid to a foreign government
20. Mandatory contributions to state disability funds
21. Points paid on a mortgage or for refinancing
22. Property donations to a recognized charity
23. Cash contributions to a recognized charity
24. Mileage incurred in relation to charitable activities at 14 cents per mile
25. Un-reimbursed casualty and theft losses in excess of $100 and totaling more than 10% of
your adjusted gross income
26. Education expenses you paid to maintain or improve your job skills
27. A handicapped individual's work-related expenses
28. Job related professional journals, magazines and newspapers
29. Cost of a safe deposit box used for investments or business
30. Seeing-eye dog or guard dog for your business
31. Required uniforms and work clothes not suitable for street wear
32. Uion dues
33. Employment agency fees or commissions in certain cases
34. Home office expenses if the home is the primary place of business
35. Job-seeking expenses within your present field of employment
36. Reservist and National Guard overnight travel expenses
37. Dues to professional organizations
38. Business gifts up to 25 per customer or client
39. Employee's moving expenses
40. Business expenses including travel, meals, lodging and entertainment nor reimbursed by
your employer
41. Cleaning and laundering services while traveling
42. Tools bought for use at your job
43. Cellular phones required for your business
44. Worthless stock or securities
45. Broker or agent commissions for the stale of property or property management
46. Fees for tax preparation or advice
47. Legal fees to collect taxable alimony or Social Security
48. $50 a month for each month a foreign exchange student lives with you
49. Services of a housekeeper, maid or cook hired to run your home for the benefit of a
qualifying dependent while you work
50. Gambling losses to the extent of winnings
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